According to the new market research report “Bioplastics & Biopolymers Market by Type (Non-Biodegradable/Bio-Based, Biodegradable), End-Use Industry (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture), Region – Global Forecast to 2025″, is expected to grow from USD 10.5 billion in 2020 and USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period. The major factors driving the bioplastics & biopolymers industry include the focus of governments on green procurement policies and regulations and increasing use of bioplastics in the packaging end-use industry.
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Packaging is one of the end-use industries that dominate the bioplastics & biopolymers market. Bioplastics, and especially biodegradable bioplastics, have witnessed an increased demand to replace conventional plastics to address environmental concerns. The use of bioplastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service-ware.
APAC is the fastest-growing market for bioplastics & biopolymers, globally. The major end-user industries of bioplastics & biopolymers are packaging, consumer goods, automotive & transportation, and agriculture & horticulture. Industrialization, growing population, and urbanization of APAC are boosting the bioplastics & biopolymers market.
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The global bioplastics & biopolymers market size is expected to grow from to grow from USD 10.5 billion in 2020 and USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period. The major factors driving the market are the focus of government on green procurement policies and regulations across the globe and increasing aftermarket for bioplastics & biopolymers.
The major players in the bioplastics & biopolymers market include NatureWorks (Italy), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia). These players have adopted various growth strategies to expand their presence in the market further. New product launch, joint ventures, and investment & expansion have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global bioplastics & biopolymers market.
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NatureWorks is the largest player operating in the bioplastics & biopolymers market. The company has manufacturing facilities in North America and produces bioplastics & biopolymers for 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications for worldwide customers. The company has adopted new product launch and expansion strategies to broaden its product portfolio and maintain its position in the market.
Braskem is one of the largest producers of bioplastics & biopolymers in the world. The company has 41 manufacturing facilities worldwide. In recent years, Braskem has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including joint ventures and new product launches, to maintain its leading position in the bioplastics & biopolymers market.
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